5 Things to Know Before Markets Open

News of the day for April 4, 2023

Virgin Orbit rocket

Hugh R Hastings / Contributor / Getty Images

Richard Branson's Virgin Orbit files for Chapter 11 bankruptcy and JP Morgan's Jamie Dimon warns that the banking crisis will have “repercussions for years to come." Here’s what investors need to know today.

1. Branson's Virgin Orbit Files for Bankruptcy

Richard Branson’s space company Virgin Orbit filed for Chapter 11 bankruptcy. The troubled company cut the bulk of its workforce and said it is trying to find a buyer after failing to secure sufficient funding to continue.

2. JP Morgan's Dimon Warns Banking Crisis 'Not Over'

JPMorgan Chase CEO Jamie Dimon released his annual letter to shareholders and said the banking crisis “is not over” and will cause “repercussions for years to come.” He also said the recent banking turmoil is “nothing like what occurred during the 2008 global financial crisis.”

3. Signature Bank Execs Sold $100 Million in Shares During Crypto Run

Signature Bank insiders reportedly sold $100 million in stock during the surge in cryptocurrency prices. Sales over the past three years by the bank’s chair, its former CEO, and his successor accounted for about half of the amount sold.

4. GM Sales Jump in First Quarter

General Motors reported that its first quarter sales rose 18% from a year ago to just over 600,000 vehicles as it continued to bounce back from supply chain problems. It also sold more than 20,000 electric vehicles (EVs) in the quarter. Most of those were Chevrolet Bolts. GM did sell 968 of its new Cadillac Lyriq EVs.

5. OPEC+ Cuts Have Analysts Watching for $100 Per Barrel Oil

Oil prices shot up over 6% yesterday in the biggest jump in more than a year after OPEC and its allies said they would cut production by more than 1 million barrels per day starting next month. The surge marked the biggest move since Russia’s invasion of Ukraine and fueled debate over whether oil prices could reach $100 per barrel.

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  1. AP News. “Virgin Orbit seeks bankruptcy protection after mission fail.”

  2. CNN. “JPMorgan’s Jamie Dimon warns banking crisis will be felt for ‘years to come’.”

  3. Wall Street Journal. “Signature Bank Insiders Sold $100 Million in Stock During Crypto Surge.”

  4. CNBC. “General Motors’ U.S. sales jump 18% in the first quarter.”

  5. CNBC. “Oil prices notch biggest gain in nearly a year after OPEC’s surprise output cut.”

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